Nevada Clean Magnesium (TSXV:NVM) has announced that it has closed a second tranche in the amount of $22,000 of the non-brokered private placement previously announced on October 25, 2016. As quoted in the press release: The accumulated total from the two tranches has collectively raised $62,000; no finder’s fees were paid in connection with the … Continued

Nevada Clean Magnesium (TSXV:NVM) has announced that it has closed a second tranche in the amount of $22,000 of the non-brokered private placement previously announced on October 25, 2016.
As quoted in the press release:

The accumulated total from the two tranches has collectively raised $62,000; no finder’s fees were paid in connection with the financing.About the Financing
The Principal Amount of the Convertible Note will bear interest at 7.5% per annum, and any accrued but unpaid interest, will mature on the date that is one (1) year following the Closing Date (the “Maturity Date”). Each Convertible Note will be convertible into common shares (each, a “Share”) of the Company at a price of $0.05 per Share and any accrued but unpaid interest thereon will be convertible into Shares at the price per Share which is the greater of (i) $0.05 and (ii) the Market Price (as defined in the policies of the TSX Venture Exchange (the “Exchange”)) on the date of a conversion notice.
The securities issued will be subject to a 4 month hold period from the date of issue of, as the case may be, the Convertible Notes, or the Shares. The completion of the private placement and payment of any commission and fees remains subject to the receipt of all necessary approvals, including the approval of the Exchange. Proceeds of the Private Placement will be used for working capital.